tailieunhanh - Lecture Macroeconomics: Lecture 2 - Prof. Dr.Qaisar Abbas

Lecture 2: The data of macroeconomics - GDP, unemployment & inflation - I. These are three of the most important economic statistics. Policymakers and businesspersons use them to monitor the economy and formulate appropriate policies. Economists use them to develop and test theories about how the economy works. Because we’ll be learning many of these theories, it’s worth spending some time now to really understand what these statistics mean, and how they are measured. | Review of the previous Lecture Macroeconomics is the study of the economy as a whole, including growth in incomes changes in the overall level of prices the unemployment rate Macroeconomists attempt to explain the economy and to devise policies to improve its performance. Review of the previous Lecture Economists use different models to examine different issues. Models with flexible prices describe the economy in the long run; models with sticky prices describe economy in the short run. Macroeconomic events and performance arise from many microeconomic transactions, so macroeconomics uses many of the tools of microeconomics. Lecture 2 The data of Macroeconomics- GDP, Unemployment & inflation - I Instructor: Prof. Abbas Learning objectives Gross Domestic Product (GDP) Types of GDP 3 These are three of the most important economic statistics. Policymakers and businesspersons use them to monitor the economy and formulate appropriate policies. Economists use them to develop and . | Review of the previous Lecture Macroeconomics is the study of the economy as a whole, including growth in incomes changes in the overall level of prices the unemployment rate Macroeconomists attempt to explain the economy and to devise policies to improve its performance. Review of the previous Lecture Economists use different models to examine different issues. Models with flexible prices describe the economy in the long run; models with sticky prices describe economy in the short run. Macroeconomic events and performance arise from many microeconomic transactions, so macroeconomics uses many of the tools of microeconomics. Lecture 2 The data of Macroeconomics- GDP, Unemployment & inflation - I Instructor: Prof. Abbas Learning objectives Gross Domestic Product (GDP) Types of GDP 3 These are three of the most important economic statistics. Policymakers and businesspersons use them to monitor the economy and formulate appropriate policies. Economists use them to develop and test theories about how the economy works. Because we’ll be learning many of these theories, it’s worth spending some time now to really understand what these statistics mean, and how they are measured. Gross Domestic Product Two definitions Total expenditure on domestically-produced final goods and services Total income earned by domestically-located factors of production 4 Most students, having taken principles of economics, will have seen this definition and be familiar with it. It’s not worth spending a lot of time on. It might be worthwhile, however, to briefly review the factors of production. Why expenditure = income In every transaction, the buyer’s expenditure becomes the seller’s income. Thus, the sum of all expenditure equals the sum of all income. 5 Thus, the sum of all expenditure in all transactions must equal the sum of all income to all sellers (including people who sell the services of the factors of production they own.) The Circular Flow 6 Value added definition A .

• Kinh tế học
• Lecture Macroeconomics
• Principles of microeconomics
• Economic models
• Science of macroeconomics
• Tools of microeconomics
• Microeconomic transactions
• Data of macroeconomics
• Bài giảng Kinh tế vĩ mô
• Kinh tế vĩ mô
• Unemployment rate
• Inflation rate
• Natural rate of unemployment
• Consumer price index
• National income
• Agriculture sector
• Agricultural policies
• Economic fluctuations
• Macroeconomic policy
• Business cycle theory